Westgate Energy Inc. Closes US$25 million Senior Secured Loan
Summary
The access to capital that this loan provides, will facilitate Westgates development of its recently acquired lands in the Mannville Stack Fairway of Eastern Alberta. The drilling program will consist of three horizontal wells, each targeting separate Mannville Stack horizons within the Beaverdam area near Cold Lake, Alberta. These three wells are expected to take 25-30 days in aggregate from spud to rig release and are anticipated to be on production in July.Westgate Asset Summary Westgate holds a total of 6 sections of undeveloped land in the Cold Lake area of Eastern Alberta. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to the ability of the Company to close the Strategic Acquisition, the ability of management to successfully implement and execute its business plan, prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the timing and success of its future drilling plans and its ability to identify new drilling locations, the anticipated benefits of its relationships with the applicable Metis Settlements, the ability of the Company to integrate its current and proposed assets, drilling and production potential from its current and proposed assets and the Mannville Stack more generally, the availability of capital to undertake planned activities, the Companys ability to generate sufficient cash flow to meet its current and future obligations, assumptions regarding the ability to use multilateral horizontal drilling, including its expected decreased capital expenses and increased production benefits, the availability and cost of labour and services and the receipt of all necessary approvals.Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.